parents: college savings OR other enrichment activities?

huango

For other parents, if you only have some side money for either college savings OR something else (such as sleep-away-camps, travel, enrichment activities), which would you choose?

I often second-guess our decision on this matter. We're choosing the latter choice.
- Instead of reading about the Great Wall of China, we're taking the kids there.
- Going to Iceland or Alaska to see icebergs before they all melt.
- Going camping in the Grand Canyon.

But:
- A 3-week trip to Asia is like buying a small car.
- A week of summer camp at a marine biology lab is easily one month of mortgage payment.
- Don't get me started on sleep-away camp.

So instead of saving the full amount every month, we put away a pitiful amount toward college (probably won't even be enough to buy college books), and save the remainder toward an enrichment/experience.

This article made me think

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http://www.cafemom.com/group/107447/forums/read/18824269/Influencer_Post_2?prism_id=160895&utm_medium=sem2&utm_campaign=prism&utm_source=internal&utm

Appreciate your thoughts/feedback/what did you do for your kids?
Amanda

BrainyBurro

why is there no option for "hookers and blow"?

spade117

I supply my children with food and shelter. Can't really afford much else.

_Krys10_

why is there no option for "hookers and blow"?

:laugh: :laugh: :laugh:

patrickblo13

Too be honest if you can help you kids with tuition costs I think that is more beneficial and helps them in the long run. I am a product of massive school debt and a good job but I am damn near broke because of student loans. I only wish my parents could have assisted in my college costs like many of my friends...

It would be nice for you to do all of the trips but I think long term college is more important

Momf3boys

I have a college 529 plan for my boys...it's the prepaid college trust fund...when they go to college, their tuition is paid for for 4 years at a University.

bethgames

College savings are safe and secure...but somewhere deep inside me is a place that hopes he opts to be a low paid laborer so I can spend all the cash on trips and jewelry....I'm just saying it's there, not that I'm proud of it....

Hannah_Banana

I would say find out what your children want to do first. For many things, college is not required. Science, math, engineering - those are career fields that require degrees. But many things children are interested in only require a trade school or an apprenticeship. All these children going to college isn't "a good sign", its educational inflation.

I have a a bachelors degree and a masters degree. I didn't need either for my very well paying job. And if I had needed a degree to move upward, my company has full tuition reimbursement.

College isn't a "natural step." I just wish I had known that before I went.

LishieFruit89

I was able to do enrichment type activities growing up and my mother made a deal with me that she'd pay for the first 2 years of college and I was on my own for the last two. Granted, mine weren't a 3-week holiday in a foreign land with my family - it was Girl Scout camps, People to People, and a couple of educational camps...

Due to that deal, I work through high school and college to pay for my last two years but then she ended helping for my 3rd year and gave me her GI bill for my senior year (all of this was to my surprise)

Sleep away camps weren't that expensive when I did them but I was also going to girl scout camp and had "cookie dough" from selling cookies. Doesn't the Y do sleep away camps?

SkinnyFatAlbert

Eventually there has to be a college backlash with the insane tuition prices we're seeing. It's become too much of a business. That's why we see so many fluff courses put in as padding that kids can easily pass to feel good about paying thousands a year to come out of school and work in a job completely unrelated to their major. For me, I say if my future children choose to go to college they can finance it themselves through loans. My job until they're old enough to do so will be to try to educate them in a way they don't need college unless there's a specific goal in mind (doctor, lawyer, etc). Keyword of course is try but that's my goal.

spade117

I only wish my parents could have assisted in my college costs like many of my friends...

I've been telling all my kids to be really smart or really good at sports, because I am not helping them pay for college.

teresamwhite

I have 529 plans for my kids, too, and my state rewards kids with good grades and high test scores with money, too (KEES). I've also kept up life insurance for both of them for school. Both of my kids want careers that require at least a 4 year degree.And we are encouraging them to take classes at the junior college, while they are still in high school, when the tuition is almost half. They both compete in judo, and there are some pretty good scholarships for judo (particularly for my daughter).

I also have massive school loans...my GI Bill took care of some of my expenses, but I still have loan payments that are slightly more than my mortgage.

That said, I do as much enrichment with them as I can. We go on road trips, and we sent my daughter to a medical course in Washington DC two years ago. My son is in the Governor's School, and he is taking a free online college course as a freshman in HS. I think its a matter of priorities...even when money is limited, there are still things you can do, and ways to help your kids get ahead.

Mia_RagazzaTosta

I paid for my own college and it REALLY made me think twice about skipping class. I definitely appreciated it much more. My parents helped, but I forked over most of it.

Mia_RagazzaTosta

why is there no option for "hookers and blow"?

*snort*

fishgutzy

Many parents spend a fortune of youth sports hoping their child can win a full ride athletic scholarship. Yet what they spend can more than cover college if they save it. And nearly all D1 schools actively discourage athletes from earning a real marketable degree while in college. That defeats the entire purpose.
Many financial gurus recommend first maxing out 401K, the paying off all debt, including mortgage, before saving a dime for your child's college education.
We made it clear to our kids that they had to get good grades, and they did. My son chose a local college that he can commute to rather than a school requiring on campus living. A huge savings. And he won't have $100K in debt when he finishes his BA. Maybe $20K if he doesn't get some scholarships and grants in the next years.
It is also a myth that one must go to an expensive ivy league school to get a good job. Some of the best engineering schools in the country are state universities. Likewise with nursing and medical schools.
Don't let your child waste tuition by getting a "name-your-grievance" studies degree. :bigsmile:

her4g63

I was one who had to pay for my entire schooling -- books, living, classes, etc. And honestly? I prefered it that way. While I'm up to my head in debt (paid off almost $50K already and still have about $25k to go - weeee), I certainly paid more attention in school, worked harder and did my absolute best because I had to pay for it. I knew the consequences of having to take a class over again and since I was paying for it, I knew it would bite me in the butt not to work harder. I'm not certain I would have been as successful if I would have had my entire schooling paid for.

I have two accounts set up for my daughter -- one for schooling/down payment on a house and the other for us to experience things in the world. I'm sure you can guess which gets slightly more funding per month (:

happysherri

I supply my children with food and shelter. Can't really afford much else.

This. I am divorced and after all the costs of living and the extra curriculars, neither one of us have the money to do anything more. I don't believe going into debt just to pay for my kids' college. My sisters and I did okay without help, I'm sure they'll be just fine.

Having said that, I do think it's Super Cool that you are having life experiences with your kids and that is something they will always remember. Like I said above, they will do fine in college.

hookilau

For other parents, if you only have some side money for either college savings OR something else (such as sleep-away-camps, travel, enrichment activities), which would you choose?

I often second-guess our decision on this matter. We're choosing the latter choice.
- Instead of reading about the Great Wall of China, we're taking the kids there.
- Going to Iceland or Alaska to see icebergs before they all melt.
- Going camping in the Grand Canyon.

But:
- A 3-week trip to Asia is like buying a small car.
- A week of summer camp at a marine biology lab is easily one month of mortgage payment.
- Don't get me started on sleep-away camp.

So instead of saving the full amount every month, we put away a pitiful amount toward college (probably won't even be enough to buy college books), and save the remainder toward an enrichment/experience.

This article made me think

---

http://www.cafemom.com/group/107447/forums/read/18824269/Influencer_Post_2?prism_id=160895&utm_medium=sem2&utm_campaign=prism&utm_source=internal&utm

Appreciate your thoughts/feedback/what did you do for your kids?
Amanda

We do the best we can, but here's our plan. By the way, our kids are currently 17 and 24 yrs old.
They both got jobs young, the eldest started working in an Animal Hospital at 14 yrs and the youngest started working in a different Animal Hospital at 16 yrs old.

I worked in Animal Hospitals for over 25 yrears....got the following advice from the eldest doctors, who knew my kids from since they were small & raised their own multitude of children.

Me: how am I going to pay for Vet school (facepalm) as I relish a mixture of lament and joy all at the same time :indifferent:

DVM: :noway: big ol' eyeroll....YOU don't pay for Vet school dummy, SHE does. If you want to, pay for community college, by the time she's done, she'll be working part or full time & she can transfer to Vet school & take on loans. Duh. :noway:

Me: Duh. :blushing:

.....and we did exactly that :drinker:

ETA: both kids have decided to become Veterinarians...color me proud!!!:bigsmile:

kelsully

I wish I had some more "exotic" life experiences but I have to say my favorite memories are the camping trips we took...cheap and fun. My parents paid for college for me provided I kept my academic scholarship. I think it was a nice balance.

For my own kids we are allowing them to be active in sports and music and the like and it sucks our budget up but they are learning who they are in ways that a vacation might not provide.

Mama_Jag

I want my kids to experience things now - it will help shape their decisions later. That being said, we do have to be choosy - money is limited.

I was also given good advice on finances, and it was - save for your own retirement, not for your kids to go to college. You can get a loan for education, you can't for your retirement. I know that wasn't your question, but that advice has stuck with me!